Fitch lifts Pertamina view to positive

Fitch Ratings said it revised the outlook on Pertamina Persero's long-term foreign-currency issuer default rating to positive from stable and affirmed the issuer default rating at BBB-.

Fitch also affirmed Pertamina's senior unsecured rating on its $10 billion global medium-term note program and existing senior unsecured notes at BBB-.

The outlook revision reflects a similar recent outlook revision on Indonesian's sovereign rating, the agency said.

Pertamina's ratings are equalized with that of its parent, the Republic of Indonesia, Fitch said.

This reflects the strong operational and strategic linkages between the parent and the company, the agency said.

Pertamina is Indonesia's sole refiner and dominant petroleum product retailer, Fitch said, and it remains one of the most important state-owned entities in executing Indonesia's national energy policy.

It has a standalone credit profile of BBB-, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.